SPRINGFIELD (KTRS) Looking to break an impasse that has left the state without a budget plan for more than two years, the Illinois Senate on Independence Day voted to override Gov. Bruce Rauner’s veto of the $36 billion budget proposal the chamber had passed earlier in the morning. The Illinois House will not immediately take up the measure because there are not enough members present.
The measure will increase the income tax rate to 4.95%. Lawmakers also approved implementation measures for the proposal.
Gov. Rauner announced his vetoes on his Twitter account. “I just vetoed Speaker Madigan’s 32% permanent income tax increase,” the governor posted. He had sought a temporary tax increase and a property tax freeze. He can campaign for reelection in 2018 by stating he opposed the permanent tax hike.
Without a budget, Illinois risks credit downgrades to “junk” status by the leading credit rating agencies.